As I mentioned in my closing comments in this column yesterday, it would be interesting to see if the 50-day moving average in gold... and the 200-day moving average in silver got taken out to the downside on Tuesday. Well, they broke through both, but it was only by an eyelash [and a few seconds] in each metal. From these New York lows, which occurred minutes before 8:30 a.m. Eastern, both metals blasted higher... with the rallies in both ending precisely two hours later... minutes before 10:30 a.m. Eastern time.
Yesterday's highs and lows in both metals were as follows: Gold - $1,236.70 spot/$1,209.30 spot. Silver - $18.51 spot/$17.74 spot.
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